MARC has affirmed the rating of Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA+ID. The rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rat...

MARC has reaffirmed the rating of Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects Stenta’s ability to fulfil its obligation under the revised payment schedule of the MUNIF, as approved by the Noteholders and Securities Commission. Stenta is the leading domestic BOPP films manufacturer commanding...

The rating assigned to Kumpulan Guthrie Berhad’s (Guthrie) proposed RM150 million Underwritten Murabahah Commercial Papers reflects the Group’s strong position as one of the country’s leading plantation players cum property developer with vast land banks in Malaysia and Indonesia; its sound financial profile and strong financial flexibility. Moderating factors to the rating inc...

This proposed Murabahah Medium-term Notes (“MMTN”) programme represents a structural transaction involving the assignment of license/ rental payments due from the local telecommunication companies (“telcos”) to the Issuer, Instacom SPV Sdn Bhd (“Instacom SPV”); in respect of the erection of telecommunication towers (“towers”) and construction of re...

MARC has reaffirmed the ratings of TSH Resources Bhd’s (TSH) RM100 million in nominal value Al-Murabahah Commercial Papers/Medium Term Notes (CPs/MTNs) at MARC-1ID/A+ID. The reaffirmation reflects the sturdy performances of TSH’s diversified business portfolio of palm oil milling and plantations; manufacturing of engineered solid hardwood flooring products; biomass power generation; ...

MARC has reaffirmed the ratings of TSH Resources Bhd’s (TSH) RM100 million in nominal value Al-Murabahah Commercial Papers/Medium Term Notes (CPs/MTNs) at MARC-1ID/A+ID. The reaffirmation reflects the sturdy performances of TSH’s diversified business portfolio of palm oil milling and plantations; manufacturing of engineered solid hardwood flooring products; biomass power generation; ...

MARC has reaffirmed the rating of MARC-1 on Radicare (M) Sdn Bhd’s RM49 Million Commercial Paper Programme (CPs) in a reflection of the secured cash receivables from the Ministry of Health (MOH) backed by invoices issued to the MOH; a 1.25 times security cover of invoices issued; stringent requirements of the issue structure; and sheer dominance of Radicare’s services in the central ...

MARC has assigned a rating of AAAID to Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance of RM2,050.0 million. The rating is based on the stringent core and portfolio eligibility criteria, aimed at partially mitigating risk of delinquencies and defaults further reinforced by representations and warranties provided by the Federal Government of Malaysia (GOM); deduct...

The rating assigned to Antara Steel Mill Sdn Bhd’s (Antara) Islamic debt is supported by its association with one of the largest steel players in Malaysia, the Lion Group; good operating track record; strong overseas demand for its hot briquetted iron (HBI); tight issue structure and sustainable financial profile; but is moderated by the cyclicality of the steel industry.Antara became part...

MARC has affirmed the ratings of AAA, AA and BB to Kerisma Bhd’s (Kerisma) RM870.0 million senior 5-year secured fixed-rate, RM30.0 million mezzanine 5-year secured fixed-rate and RM100.0 million 5-year subordinated secured variable-rate asset-backed bonds. The ratings are based on improved total credit enhancement levels for the senior and mezzanine bonds respectively; the A- weighted ave...